Colorado bankruptcy law education and training will teach you how to resolve your clients’ debts by dividing their assets among their creditors. This allows each creditor to achieve some measure of equality under the law. A filing under Chapter 7 is called liquidation and involves the sale of the debtor's non-exempt property. A bankruptcy proceeding under Chapters 11, 12 or 13 allows the debtor to use future earnings to pay off creditors.

The qualifications needed to provide assistance in filing for bankruptcy in Colorado are determined at the state level and also will be affected by the specific type of bankruptcy that the client requires. There are three general phases in obtaining an education in bankruptcy law:

1. Formal education. An attorney who provides Colorado bankruptcy advice will need at least a Juris Doctor (J.D.) degree from an accredited law school in Colorado. An advanced degree such as a Masters of Law (L.L.M) will further distinguish you from your colleagues.
2. Membership in professional organizations. Practicing attorneys will want a membership in one of the associations dedicated to bankruptcy law in Colorado.
3. Legal specialization. Bankruptcy attorneys in Colorado can become designated specialists in bankruptcy law by meeting the state's specific requirements.
   

Action Steps
The best contacts and resources to help you get it done

Attend a law school that specializes in educating Colorado bankruptcy attorneys

There are a variety of universities in Colorado that provide a concentration in bankruptcy law. These schools are equipped to offer a solid education on the current bankruptcy laws in Colorado.

I recommend: The University of Colorado Law School offers a course in bankruptcy law that covers chapters 7, 11 and 13 of the Bankruptcy Code. In addition to offering bankruptcy coursework, University of Denver Sturm College of Law provides an extensive list of resources for students studying bankruptcy law in Colorado.

Find professional forums for Colorado bankruptcy lawyers

Professional online forums can provide a daily educational opportunity for bankruptcy attorneys in Colorado. These include information on recent changes in bankruptcy law and advice on building a practice.

I recommend: Boulderbankruptcy.com provides a variety of resources on bankruptcy law in Colorado, including an article on bankruptcy basics. CO Bankruptcy provides a guide to bankruptcy in Colorado and summarizes recent changes in bankruptcy laws.

Obtain Continuing Legal Education (CLE) in Colorado business bankruptcy laws

Colorado requires attorneys to stay current on changes in the law. There are a variety of programs in Colorado that provide CLE credit in bankruptcy law.

I recommend: The Chapter 13 Trustee for Colorado provides helpful information for attorneys seeking continuing education credits in Colorado for bankruptcy courses. The Colorado Bar Association provides free programs in bankruptcy law that count towards the CLE requirements in Colorado.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Attorneys also will want to join professional organizations that are dedicated to the practice of Colorado bankruptcy laws. These associations provide a number of resources essential for the practicing bankruptcy attorney, including contact information for important courts, assistance with Continuing Legal Education (CLE) requirements and links to bankruptcy laws.

Filing business bankruptcy in Colorado is tougher now than it was in past years. When bankruptcy laws were revised in 2005, the new laws made it tougher on the debtor. Bankruptcy laws in Colorado now require debtors to pass a means test to file for the more lenient Chapter 7 bankruptcy—they may not qualify if their current monthly income is greater than the median family income where they live.

Filing for bankruptcy in Colorado is always an option for businesses in dire straits. However, keep in mind these points before deciding to file:

1. Bankruptcy laws in Colorado only allow for certain exemptions. Find out what they are beforehand, or you may lose more in the bankruptcy than you expect.

2. Evaluate Colorado bankruptcy attorneys and decide if the price is worth it for your time and anxiety.

3. Remember that seeking protection under Colorado bankruptcy laws isn't the solution for all of your problems. If you plan to keep your business afloat, you will have to pay back some of the debts.

Action Steps
The best contacts and resources to help you get it done

Know which chapter of Colorado bankruptcy law you will be filing

Colorado bankruptcy laws allow businesses to file for two different types of bankruptcy. In Chapter 7 bankruptcy, the business assets are liquidated and a trustee will collect and sell property to pay the creditors. This is best for business owners who don't want to keep the business. Chapter 11 bankruptcy helps business restructure their debts. Creditors vote to accept or reject the reorganization plan and debtors have to pay a quarterly fee to the U.S. Trustee.

I recommend: The U.S. Trustee's Office will advise if you qualify for Chapter 7 bankruptcy. Before you file, you must see an approved credit counselor. A list of approved counselors in Colorado can also be found at the Trustee's Office website.

Get familiar with Colorado bankruptcy law exemptions before filing

Some of your property may be exempted from Colorado bankruptcy law and some may be at risk. For instance, Colorado bankruptcy exemptions include part of the value of property you occupy and the car you drive to work. It is best to know what you stand to lose before your file. Colorado bankruptcy lawyers can steer you in the right direction.

I recommend: The Bankruptcy site outlines Colorado-specific exemptions. Also, the Denver Bar Association has free clinics for those who are considering filing for bankruptcy. During these meetings, the ramifications of bankruptcy are discussed.

Enlist the help of Colorado bankruptcy attorneys

Even if you eventually wish to proceed by yourself, many Colorado bankruptcy lawyers will give a 30-minute free consultation which may help you get some Colorado bankruptcy advice.

I recommend: The National Association of Consumer Bankruptcy Attorneys (NACBA)'s Attorney Finder will help you locate attorneys who are well-versed in Colorado business bankruptcy laws. Also, BankruptcyLawFirms.com will let you search for an attorney by using your Colorado ZIP code. Some of the bigger business bankruptcy law firms in Colorado include: Edward Levy, P.C. in Aurora and James R. Chadderdon, P.C. in Colorado Springs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you are thinking of filing bankruptcy in Colorado, don't pay some creditors and ignore others. Courts call these 'preferential payments' and they are against Colorado bankruptcy laws.
• •  Bankruptcy laws in Colorado vary from federal regulations, so make sure you know the difference when filing.